Medical professional liability insurance is considered long tail insurance because most medical professional liability claims take a long time to develop. Often the physician does not receive notice of the claim until years after the incident occurred. Therefore, it’s extremely important that your policy is written by a company that will be around to pay a claim that may be reported in the future. Researching an insurance company’s financial strength rating can help you determine how reliable the company will be.
A.M. Best is the most commonly cited rating agency that provides the financial strength rating of a medical professional liability insurance company, but other financial strength rating organizations such as Standard & Poor’s and Fitch Ratings are worthy of consideration as well.
The following AM Best Financial Strength Ratings are in effect as of 2/16/12:
- Coverys (ProMutual Group): A- (Excellent) outlook is positive
- Medical Mutual Insurance Co. of Maine: A- (Excellent) outlook is stable
- Medical Protective: A++ (Superior) outlook is stable
Considering Claims-Made vs. Occurrence is not a difficult decision but there are many important points to consider, and our medical professional liability insurance specialist David Stowe will help you better understand your options. With 17 years of insurance experience, hundreds of physicians and surgeons trust David with their coverage needs.